Senior Analyst, Rand Swiss

Shaun is a senior analyst specialising in derivatives trading and technical analysis across index, commodity, FX, and equity markets. With nearly 20 years of experience in financial markets, Shaun brings deep expertise to his role, presenting research and analysis to Rand Swiss clients. Shaun is a regular commentator on local and global financial markets, contributing to major media outlets including CNBC Africa, Reuters, Moneyweb, and Business Day. He produces daily and weekly market reports focused on technical analysis and trading opportunities in his core markets. As a registered person at the JSE and a Certified Financial Technician (CFTE), Shaun combines formal credentials with practical market expertise.

You can follow Shaun on Twitter at @ShaunMurison_RS for regular market updates and trading insights.

Markets struggle for direction, key levels considered

Tuesday, 28 April 2026

This week’s edition of Tech Tuesday finds markets mixed, with several key levels under pressure across asset classes.

The J40 has broken near-term support and risks confirming a significant structural low, while the rand recovers off guided support levels but lacks a firm trend bias ahead of resistance at 16.75. Gold is under pressure at the bottom of its range in oversold territory, whereas Brent crude holds its long bias following a bullish reversal from a false break lower.

On the JSE, Nedbank and Standard Bank are showing early signs of reversing higher from oversold support, and Richemont offers a potential re-entry after completing its first pullback since breaking out.

Inside this update:

• J40 Cash Index
• ZAR
• Commodities
• JSE Sector Analysis & Trade Setups

J40 Cash Index

The gains we were hoping for were not to be with the price now having broken support at 109,232 and moving to test the 106,299 level.

While previously we had been optimistic that an uptrend may be resuming, this has faltered, and a break below the 106,299 level (should it occur) would suggest a break of a major low.

This scenario would again assume a range trading environment where longs and shorts would both be a consideration depending on how we handle each level going forward.

ZAR

USD/ZAR

The USD/ZAR reversed off the previously guided support levels between 16.14 and 16.29 and is now pushing towards the resistance target of 16.75. In so doing we are now seeing the currency pair moving closer towards overbought territory.

Traders will want to see how the price handles the 16.75 level where we again wait for a reversal or breakout. A breakout would suggest 17.00 (not labelled) as the initial target, while a reversal would suggest a move back towards 16.29 instead.

There is currently no trend bias for the USD/ZAR and in turn we continue to look to trade between key levels as labelled above.

Commodities

Gold

Gold today is testing the bottom end of our range, although in so doing has moved into oversold territory.

Traders who are long will hope to see the 4,602-level maintained as a close below could suggest further decline with 4,547 the next support target. Ideally, we would like to see a close back above 4,647 before reinstating new long positions and targeting a move towards resistance. However, if the 4,547 level doesn’t hold, and we instead see a close below, there is not a lot in the way of support until the 4,375 level.

Brent Crude Oil

After a false break of support, we saw an intraday bullish reversal and subsequent gains for brent crude. The move reaffirms our reasoning for keeping a long bias to trades on the commodity.

The price is now approaching resistance and is trading in overbought territory. Traders fortunate enough to be long might consider locking in profits. Traders not yet committed might prefer to wait for a consolidation or pullback from overbought territory before looking for new long positions.

Financials

Nedbank

While not yet confirmed, the share price of Nedbank looks to be forming a bullish price reversal off support (at 258.99) and from oversold territory. The reversal would be confirmed should today’s candle close in positive territory (at current levels or higher).
In this scenario, a move towards 275.61 is favoured, while a close below support at 258.99 would consider the reversal to have failed.

Standard Bank

The share price of Standard Bank is currently trying to form a bullish price reversal from oversold territory and off support. The recent pullback from highs has also taken the shape of a bullish flag formation.

Ideally, we would like to see a break (close) above the resistance of the flag / channel on the chart above. In this scenario a retest of the 330.48 level is favoured, while a close below the low at 307.60 might then be used as a stop loss consideration.

Resources

Industrials

Richemont

Richmont has produced its first pullback since its upside breakout and subsequent move higher. The pullback looks to have ended with an intraday price reversal near oversold territory.

A move towards 3,134 is favoured, while a close below gap support at 3,095 would suggest the move to have failed.

Retail